MIRA INFORM REPORT
|
Report No. : |
326890 |
|
Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
BROSE INDIA AUTOMOTIVE SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No.202, 2nd Floor, Survey No.19/20, Panchshil Tech
Park, Hinjewadi, Pune – 411057, Maharashtra |
|
Tel. No.: |
91-20-30437800 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
02.06.2006 |
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Com. Reg. No.: |
11-139773 |
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Capital
Investment / Paid-up Capital : |
Rs.610.916 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U35914PN2006PTC139773 |
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|
IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNEB07584D |
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PAN No.: [Permanent Account No.] |
AACCB8958P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Automotive Products. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Brose International GmbH, Germany”. It is
an established company having moderate track. The company has reported consecutive losses for past few years which
led to its accumulated losses, besides this the company possesses an
acceptable financial and liquidity profile marked by timely infusion of funds
from promoters and a comfortable capital structure characterized by zero
debt. Trade relations are fair.
Business is active. Payment terms are reported as slow but correct. In view of reputed parent company, the subject can be considered for
business dealings with slight caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-20-30437801)
LOCATIONS
|
Registered Office : |
Office No.202, 2nd Floor, Survey No.19/20, Panchshil Tech
Park, Hinjewadi, Pune – 411057, Maharashtra, India |
|
Tel. No.: |
91-20-30437800/ 30437801/ 30437870 |
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Fax No.: |
91-20-30437850 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
|
Factory : |
Survey No.255, Hissa No.1/8, Village Hinjewadi, Taluka: Mulshi,
District Pune – 411033, Maharashtra, India |
DIRECTORS
AS ON 29.08.2014
|
Name : |
Mr. Kurt Rudolph Sauernheimer |
|
Designation : |
Director |
|
Address : |
Hildburghaeuser Weg 11 D-96450 Coburg Germany D-96274 |
|
Date of Birth/Age : |
02.02.1960 |
|
Date of Appointment : |
02.06.2006 |
|
DIN No.: |
01876339 |
|
|
|
|
Name : |
Mr. Ashwani Aggarwal |
|
Designation : |
Director |
|
Address : |
D-489, Sector- Eleven, Faridabad – 121006, Haryana, India |
|
Date of Birth/Age : |
01.03.1959 |
|
Date of Appointment : |
27.09.2010 |
|
DIN No.: |
03139415 |
|
|
|
|
Name : |
Mr. Juergen Stahl |
|
Designation : |
Director |
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Address : |
DE-96103, Doerfleins Obere Hut, Hallstadt, Germany 45 |
|
Date of Birth/Age : |
01.09.1965 |
|
Date of Appointment : |
14.08.2013 |
|
DIN No.: |
06648295 |
KEY EXECUTIVES
|
Name : |
Mr. Amitabh Ghosh |
|
Designation : |
Secretary |
|
Address : |
Swapnapurti Society, Flat-207, Block-G, Sasane, Pune – 411028,
Maharashtra, India |
|
Date of Birth/Age : |
10.12.1975 |
|
Date of Appointment : |
17.04.2013 |
|
PAN No.: |
AJEPG3381R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.08.2014
|
Names of Shareholders |
No. of Shares |
%age holding |
|
Brose International GMBH, Germany |
77571886 |
99.99 |
|
Brose Fahrzeugteile Verwaltungsgesellschaft MBH, Germany |
7730 |
0.01 |
|
Total |
77579616 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.08.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automotive Products. |
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Products : |
Automotive Products |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountant |
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Address : |
5th Floor, Tower 'D', The Millenia,1&2 Murphy Road, Ulsoor, ,Banglore - 560008, Karnataka, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFP9359C |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company: |
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Fellow Subsidiary
company: |
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Associate |
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CAPITAL STRUCTURE
AS ON 29.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs. 900.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77579616 |
Equity Shares |
Rs.10/- each |
Rs. 775.796
Million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs. 900.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61091617 |
Equity Shares |
Rs.10/- each |
Rs. 610.916
Million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
610.916 |
610.916 |
353.752 |
|
(b) Reserves & Surplus |
(91.376) |
(67.770) |
20.782 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
519.540 |
543.146 |
374.534 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
54.430 |
54.466 |
3.158 |
|
Total
Non-current Liabilities (3) |
54.430 |
54.466 |
3.158 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
88.205 |
54.771 |
85.784 |
|
(c) Other current liabilities |
34.605 |
20.801 |
45.014 |
|
(d) Short-term provisions |
9.398 |
3.732 |
0.315 |
|
Total
Current Liabilities (4) |
132.208 |
79.304 |
131.113 |
|
|
|
|
|
|
TOTAL |
706.178 |
676.916 |
508.805 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
185.801 |
193.376 |
89.674 |
|
(ii) Intangible Assets |
5.478 |
12.850 |
15.465 |
|
(iii) Capital work-in-progress |
67.181 |
6.379 |
78.542 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
75.814 |
60.408 |
63.169 |
|
(e) Other Non-current assets |
7.495 |
0.668 |
2.168 |
|
Total
Non-Current Assets |
341.769 |
273.681 |
249.018 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
139.134 |
102.246 |
66.176 |
|
(c) Trade receivables |
59.411 |
62.416 |
27.023 |
|
(d) Cash and cash equivalents |
68.884 |
176.015 |
101.128 |
|
(e) Short-term loans and
advances |
70.812 |
35.152 |
23.196 |
|
(f) Other current assets |
26.168 |
27.406 |
42.264 |
|
Total
Current Assets |
364.409 |
403.235 |
259.787 |
|
|
|
|
|
|
TOTAL |
706.178 |
676.916 |
508.805 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
467.623 |
|
|
|
Other Income |
|
|
|
|
|
TOTAL
|
729.540 |
467.623 |
323.889 |
|
|
|
|
|
|
|
Less |
EXPENSES |
683.544 |
533.721 |
312.150 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
45.996 |
(66.098) |
11.739 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
69.602 |
48.430 |
35.461 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(23.606) |
(114.528) |
(23.722) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.089 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(23.606) |
(114.528) |
(23.811) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(0.30) |
NA |
NA |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.69) |
(17.08) |
(5.51) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
(0.21) |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.76 |
5.08 |
1.98 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
353.752 |
610.916 |
610.916 |
|
Reserves & Surplus |
20.782 |
(67.770) |
(91.376) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
374.534 |
543.146 |
519.540 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
323.889 |
467.623 |
729.540 |
|
|
|
44.378 |
56.010 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
323.889 |
467.623 |
729.540 |
|
Profit |
(23.811) |
(114.528) |
(23.606) |
|
|
(7.35%) |
(24.49%) |
(3.24%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
BUSINESS PERFORMANCE
During the Financial year 2013-14, development teams provided Design, FEA and Electronic Development support to Brose Group. IT team supported the global locations within Brose Group.
The revenue from the operations has been increased by 60%. The increase mostly came out of the manufacturing operations. Last year material sale was 217.600 Million, and this year the sale has increased to Rs.471.900 Million This was the result of the completion of the ramp up activities in the preceding year, resulting to higher capitalization of the assets during this financial year. Further industrialization is in process, which will boost our top line further for FY 2013-14.
FIXED ASSETS
Tangible assets
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
Intangible assets
- Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
UK Pound |
1 |
Rs.98.90 |
|
Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
1
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.